TEHRAN, Iran, April 18. Iran's trade with the
Emirates has surpassed $21 billion in the last Iranian year
(started March 21, 2021), the board member of the Iran-Emirates
Chamber of Commerce Farshid Farzanegan told Trend.
He pointed out some of the obstacles to trade while saying that the
ties between the two countries are improving.
"Banking transaction is still one of the main issues for Iran and
Emirates trade, however, Iranians can open an account in Emirati
banks or register company easier than before," he said.
Iran's trade has relatively improved in the last Iranian year
(started on March 21, 2021). Iran's non-oil trade was $101 billion
with a 40 percent increase compared to 2020.
Iran's trade with its neighbors stood at $52 billion, including
$26 billion in export and a similar amount of imports, indicating a
balance in trade with its neighbors
Iraq, Turkey, and the Emirates are the main export destinations for
Iranian goods.
Farzanegan pointed out that Iran's import was mainly from the UAE,
Turkey, and Russia. Iran's import from the Emirates stood at $16.5
billion which mostly included press cake, grains, and wheat. Iran's
major exports to the Emirates were petrochemical products, chemical
materials, metal, agricultural products, and food industries.
He went on to say that Iran's trade development with the UAE has
fallen back after sanctions and there is concern over the lack of
infrastructure for improving trade between the two countries.
According to the official, Iran could use its geographical position
to increase trade that requires better interaction with the
world.
